Vietnamese Ambassador to Belgium and the EU, Nguyen Van Thao, speaks at the seminar “EVFTA: 5 years of implementation and beyond”, Belgium, June 6, 2025. (Photo: Huong Giang/VNA)

Over the past five years, the EVFTA has proven to be a key economic cooperation tool, especially amid global fluctuations like the COVID-19 pandemic and escalating geopolitical tensions. The agreement has strongly promoted trade and investment between Vietnam and the EU, while helping to minimize disruptions in global supply chains. Both sides agree that there is still plenty of room to further tap into the EVFTA's potential.

A new boost for Vietnam-EU trade

Vietnam-EU trade turnover has grown 12-15% annually over the past five years. Vietnam’s exports to the EU have surged, and European businesses have also benefited significantly. A recent Business Confidence Index (BCI) survey by the European Chamber of Commerce in Vietnam (EuroCham) showed that 58% of EU businesses are fairly optimistic and 17% are very optimistic about the business outlook in Vietnam over the next five years.

At the seminar “EVFTA: 5 years of implementation and beyond” held in Belgium last Friday, Director of the European Institute for Asian Studies Lin Goethals said, “We have seen it over the past 5 years, the fact that the FTA has already increased trade relations. There's still a lot of untapped potential. The growth numbers are there and of course working on the challenges will be the next step forward.”

Besides being partners in each other’s regional strategy, the EU values Vietnam’s position in ASEAN, giving European businesses better access to Asian markets with high consumer demand.

“This is a time when the demands of both sides align. The past five years have shown the EU that it must seize the opportunities the EVFTA brings, especially with high-potential partners,” Vietnamese Ambassador to Belgium and the EU Nguyen Van Thao sai.

Participants at the seminar learn about Vietnam’s OCOP specialties. (Photo: Huong Giang/VNA)

Diversifying areas of cooperation

Vietnam and the EU have many conditions favoring stronger trade and investment. Their economic structures are complementary rather than competitive, which is crucial as the world seeks to diversify supply chains. Both sides are strongly committed to the bilateral relationship and support a multilateral trade system based on rules, fairness, transparency, and sustainability.

After 40 years of renewal, Vietnam is undergoing institutional reform, upgrading infrastructure, and developing human resources, aiming to improve its competitiveness and investment environment while creating new growth momentum driven by science, technology, and innovation.

“Besides agricultural and food sector, the car sector, and the beverages sector, we have other possibilities that are very important for our companies. I'm looking forward that EVFTA delivers even more possibilities and delivers even more profit for the people of Vietnam, the people of Europe, and our company,” Luliu Winkler, member of the Committee on International Trade (INTA) of the European Parliament, said. 

Vietnam’s bold institutional reforms are earning the trust of EU investors, said Frederic Hai Au Nguyen of the P&V Group, a player in the energy sector. “I believe Vietnam will continue to grow strongly. We’ve achieved very positive cooperation results since the EVFTA’s implementation. There’s still great potential and opportunity for further collaboration.”

With visible results after five years of implementation, the EVFTA has become a key factor in a practical, balanced, sustainable economic and trade relationship between Vietnam and the EU.